During the second quarter, guru Mario Gabelli (Trades, Portfolio) sold out his remaining shares of Key Energy (KEGX) at an average price of 35 cents per share. Since Gabelli sold out his remaining stake, Key Energy’s stock price has plummeted by an estimated -71%.
Key Energy is headquartered in Houston, Texas. It was established in April 1977 and commenced operations in July 1978, under the name National Environmental Group Inc. In December 1992, the company changed its name to Key Energy Group Inc. Then in December 1998, the company changed its name, yet again, to Key Energy Services Inc. The company is an onshore, rig-based well servicing contractor that provides a full range of well services to major oil companies, foreign national oil companies and independent oil and natural gas production companies. As of December 31, 2015, the company employs approximately 3,800 people in the US and approximately 500 additional people in Mexico, Colombia, Ecuador, the Middle East, Russia and Canada. Continue Reading »